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Multiplex Development and Opportunity Fund MULTIPLEX DEVELOPMENT AND OPPORTUNITY FUND Product Disclosure Statement 14 SEPTEMBER05 MULTIPLEX DEVELOPMENT AND OPPORTUNITY FUND ARSN 100 563 488 CONTENTS Letter from the Managing Director 1 Summary of Investment 2 Important Dates 3 What Potential Investors need to do 3 Section 1 About the Fund 4 Section 2 Details of the Offer 7 Section 3 Development Process 14 Section 4 Projects 18 Section 5 Multiplex Group 25 Section 6 Risk Factors 28 Section 7 Fees and Expenses 32 Section 8 Additional Information 38 Section 9 Glossary 43 Section 10 How to Invest 45 Application Form Directory Inside back cover IMPORTANT NOTICES Multiplex Development and Opportunity Fund Important Information This Product Disclosure Statement (PDS) is dated 14 September 2005 and relates to the This PDS contains important information and investors should read it carefully. The offer of Units in the Multiplex Development and Opportunity Fund (ARSN 100 563 488) information in this PDS is general information only. In preparing this document, the (the Fund) by Multiplex Investments Limited (ACN 096 295 233) (the Manager). Manager did not take into account the individual objectives, financial situation or needs An electronic version of this PDS appears on the Manager’s website at of any particular person. Before making an investment decision, investors should www.multiplexcapital.biz. If you receive this PDS in electronic form you are entitled to consider whether the information in this PDS is appropriate to their objectives, financial obtain a paper copy (including the Application Form) free of charge by calling Registries situation and needs. Investors are encouraged to obtain independent financial advice on 1800 766 011. The offer of Units under this PDS is only available to persons before making an investment decision. receiving this PDS (electronically or otherwise) within Australia. This PDS does not constitute an offer or invitation in any place in which, or to any person to whom, it would Information that is not materially adverse information is subject to change from not be lawful to make such an offer or invitation. The distribution of this PDS outside time to time. Updated information will be available on the Manager’s website at Australia may be restricted by law and persons who come into possession of this PDS www.multiplexcapital.biz. Upon request the Manager will provide a paper copy of outside Australia should seek advice on and observe such restrictions. Any failure to any updated information free of charge. comply with these restrictions may constitute a violation of applicable securities laws. Applications for Units can only be submitted on the relevant original Application Form This PDS is intended for use by persons investing directly in the Fund as well as persons attached to and forming part of or accompanying this PDS, or accompanied by an investing indirectly in the Fund through an investor directed portfolio service (IDPS), electronic version of this PDS. IDPS-like scheme such as a master trust or wrap account, or through a nominee or custody service. For investors investing through IDPSs or IDPS-like schemes, references Responsible Entity and Custodian to Unitholders in this PDS are references to the operator or custodian of that service The Manager is the responsible entity of the Fund and the issuer of the Units offered (who holds the Units). under this PDS. The Manager holds Australian Financial Services licence number 241178 and is a wholly owned subsidiary of Multiplex Limited (ACN 008 687 063). The Certain terms used in this PDS have been defined and the definitions are set custodian of the Fund is Multiplex Funds Management Limited (ACN 105 371 917) (the out in the Glossary in Section 9. That Section should be read in conjunction Custodian). The Custodian is not the issuer of this PDS, and makes no representation as with the rest of this PDS. to, and takes no responsibility for, the accuracy or truth of any statement or omission from any part of this PDS. Neither the Manager, the Custodian, Multiplex Group nor their Photographs in this PDS do not represent assets that are directly held by the Fund. associates, directors or members guarantee the success of the Fund, the repayment of capital or any particular rate of capital or income return (other than as set out in Section 2.9). An investment in the Fund is subject to investment and other risks (see Section 6). The Manager has not authorised any person to give any information or to make any representation in connection with the Offer which is not contained in this PDS. No such information or representation may be relied upon as having been authorised by the Manager in connection with the Offer. LETTER FROM THE MANAGING DIRECTOR Dear Investor, On behalf of the Manager, it is my pleasure to invite you Multiplex Group is a fully integrated and diversified to become an investor in the Fund. I am also pleased to business with operations in property investment, invite existing Unitholders to make further investments property funds management, facilities and infrastructure into the Fund. management, property development and construction. As at 1 September, 2005 it has a market capitalisation of The Fund invests into a variety of property approximately $2.8 billion. development investments and other direct and indirect property-related transactions. Through returns generated Multiplex has been involved in a number of significant from these investments, the Manager aims to meet or property developments and has an experienced, highly exceed a benchmark pre-tax return to Unitholders of at skilled and well-resourced team of property least 15% per annum, after fees and expenses (refer to professionals, which is recognised for delivering quality Section 3.1). Importantly, Multiplex will have some property developments. involvement in each opportunity into which the Fund I encourage you to read this PDS carefully and, if you invests. It is likely that in the majority of cases, Multiplex have any questions, please contact your financial adviser, will be both a co-investor and development manager. or Registries on 1800 766 011. Advisers can contact the This will ensure that the interests of the Fund and of Manager on (02) 9256 5700. Multiplex are closely aligned. To date, the Fund has invested into developments such as World Square On behalf of my fellow directors, I commend to you an Shopping Centre (Sydney), Jones Bay Wharf (Sydney) investment into the Fund and look forward to welcoming and Southern Cross (Melbourne). Investments as at the you as a Unitholder. date of this PDS include Raffles (Perth), Portside Wharf (Brisbane) and The Chancellor Double Bay (Sydney). Yours sincerely The Fund has a number of features which we believe investors will find attractive. These include: — an 8% per annum income guarantee net of fees and expenses until 30 June 2008 (refer to Section 2.9); and — a $20 million Liquidity Facility (refer to Section 2.14). Ian O’Toole Managing Director Since listing in December 2003, Multiplex has gained access to an increased range of development opportunities across all property sectors both in Australia and overseas. The Manager has been advised by Multiplex that many of these opportunities which exist at the date of this PDS will be offered to the Fund for investment by the Fund. Funds raised under this PDS will be invested into these and other development opportunities. Product Disclosure Statement 1 SUMMARY OF INVESTMENT Refer to Section Return objective The objective of the Manager is to maximise returns to Unitholders. The Manager 3.1 aims to meet or exceed a minimum benchmark pre-tax return to Unitholders of 15% per annum, net of fees and expenses. Investments The Fund will invest into property development and other direct and indirect 3.2 property-related transactions. Multiplex involvement Multiplex must have a development role or some other involvement in each 3.2 investment made by the Fund. Minimum initial investment $10,000 and thereafter in multiples of $1,000. 2.3 Multiplex income guarantee of Multiplex will ensure that the Fund is in a position to make pre tax distributions 2.9 return on NAV of 8% per annum on the NAV of the Fund until 30 June 2008, net of management fees and operating expenses. Please note, capital remains at risk. Unit price Calculated in accordance with the Constitution, being a price equal to NAV divided 2.5 by the number of Units on issue. Distribution Generally distribution entitlements to be determined monthly and paid quarterly. 2.7, 2.8 The Fund is subject to tax as if it were a company and therefore makes distributions on an after tax basis. Priority return entitlement The Fund will have a priority entitlement to an agreed development return from 2.10 from Multiplex Developments a Multiplex Development. Split of excess development returns After payment of the priority return, excess development returns on each project 2.11 from Multiplex Developments will be split 50:50 between the Fund and Multiplex. Risk The Fund will make investments in development related projects which, by 6 their nature, carry a higher degree of risk than investments in built and tenanted properties. Funds under management As at 1 September 2005, and based on the assets valued at historical cost, the Fund 1.3 had funds under management of $144.36 million. Redemption rights# When the Fund is liquid, which it is not at the date of this PDS, Unitholders can 2.13 request a redemption of their Units at any time. Liquidity The Manager, in its personal capacity, offers to acquire Units from Unitholders 2.14 seeking to exit the Fund, up to a maximum in aggregate holding by the Manager of $20 million.
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